AKIPRESS.COM - The 2024 budget of Ulaanbaatar was approved at the 20th regular meeting of the Citizens' Representative Council of Ulaanbaatar on December 5, Montsame reports.

The projected revenue of 2,598.9 billion tugriks for 2024 represents an increase of 652.8 billion tugriks planned for 2023. According to the estimates, 93.1% or 2,418.5 billion tugriks of the capital's budget revenue in 2024 will be generated from tax revenue, and the remaining 6.9% or 180.4 billion tugriks will be non-tax revenue.

884.7 billion or 34% of the total budget revenue of the capital city will be accumulated directly, while the districts will concentrate 1,714.2 billion tugriks or 66% of the budget revenue.

The budget for 2024 projects to spend 1,109.6 billion tugriks or 46.3% of the total expenditure for current expenses, 964.8 billion tugriks or 40.3% for capital expenditure, 85.2 billion tugriks for loan repayment, and 0.3% for financial support to two districts.

First Deputy Governor in charge of Economy and Infrastructure P. Sainzorig emphasized that the capital city's budget for 2024 targeted the development of infrastructure.

A draft resolution on renewing the capital city tax rate was discussed and approved during the meeting. Excise tax on all types of tobacco products and alcoholic beverages will be raised to 2%. 2% tax will be also levied on bars, restaurants, hotels, resorts, car washes, and auto repair shops.

The tax increase to 2% will accumulate 32 billion tugriks in the city budget revenue for 2024.